Archive

There were 223 commercial property sales recorded in the first quarter of 2014 compared to 196 in the first quarter of 2013, a 14% increase in total sales volume. Average sales prices were up 13% to $1.5 million compared to $1.3 million in Q1 2013.

Multi-family properties had the largest increase in sales activity with 33 recorded for the quarter, up 83% from last year. Apartments made up most of these sales with 30 recorded averaging $2.9 million per transaction.

Retail, Office and Land sales all showed improvements over last year while Industrial, Entertainment and the sales of Churches & Schools were down.

Vacant land over 1 acre had 42 sales claiming the most sales for the quarter followed by neighborhood single tenant commercial properties with 34 sales, apartments with 30 sales and warehouses with 27 sales.

Midtown’s 38104 recorded the most commercial sales for the quarter with 19 total averaging $805,000.

The largest commercial transaction recorded for the quarter was the sale of Miller Creek of Germantown apartments located in Southeast Shelby County. The 330-unit complex sold for $44 million on January 21st. Click here for a full report of the transaction from The Daily News.

Total sales revenue for the month was $171 million up 30% from $132 million in May 2011.

Average sales prices were up 4% from last year to $123,975.

Year to date home sales prices are up 17% from last year and average sales prices are holding steady at $115,140.

Over 50% of zip codes in the county are seeing year over year increases in average sales prices including:

38017-Collierville up 4%

38028-Eads up 20%

38103-Downtown up 17%

38104-Midtown, up 6%

38111-University up 23%

38118-Oakhaven/Pkwy Village up 13%

38119-Quince/Ridgeway up 18%

38120-River Oaks up 4%

38133-Bartlett/Brunswick up 5%

38134-Bartlett up 3%

38135-Bartlett/Ellendale, up 4%

Bank sales accounted for 27% of total home sales in May with 368 recorded, up 15% from last year.

57% of home sales were valued under $100,000.

Sales over $500,000 were up 23% with 26 recorded compared to 21 in May 2011. There were 4 home sales over $1 million, the same as last May.

Cordova-North (38016) had the most homes sales with 91 recorded totaling $11.4 million. 34% of those sales were bank sales.

Collierville (38017) had the most home sales revenue with $24.5 million across 86 sales. Compared to last May, Collierville had an increase of 39% in total sales and an increase of 9% in their average sales prices ($284,819).

New home sales were up 6% from last May with 51 recorded averaging $237,513.

Year to date new home sales are up 2% from the same period in 2011 and average new home sales prices are up 8%.

Foreclosures were up 22% from last May with 399 recorded. The average amount of a foreclosure was down 13% to $77,115 and the average tax appraisal value of a foreclosed home was down 15% to $105,387.

Foreclosure starts were up 8% from last year with 716 notices filed compared to 663 in May 2011.

Arlington (38002), Millington (38053) and Downtown (38103) all had large increases in their foreclosure notice activity.

There were 1,116 home sales recorded in April up 2% from last year. Residential sales are up 14% for the first four months of this year compared to the same period last year.

Total sales revenue for the month was $137 million up 16% from $118 million in April 2011.

Average sales prices were up 14% from last year and up 5% from March to $122,572. Year to date average home sales prices are down slightly by 1% while overall sales totals are up 14%.

50% of zip codes in the county are seeing year over year increases in average sales prices including:

38017-Collierville up 2%

38018-Cordova South up 7%

38103-Downtown up 24%

38111-University up 38%

38118-Oakhaven/Pkwy Village up 10%

38119-Quince/Ridgeway up 24%

38120-River Oaks up 11%

38134-Bartlett up 5%

Bank sales accounted for 29% of total home sales in April with 328 recorded, down 7% from last year.

57% of home sales were valued under $100,000.

There were 3 sales over $1 million compared to zero last April. The high-end home sales closed in 38117, 38119 and 38120.

Arlington (38002) had the most homes sales with 69 totaling $13.6 million.

Collierville (38017) had the most revenue with $18.3 million across 66 sales.

New home sales were up 9% from April 2011 and up 2% from March 2012 with 62 recorded averaging $249,905. Year to date new home sales are up 1% from the same period in 2011 and average new home sales prices are up 9%. New housing continues to see positive momentum with an increase in sales activity and the number of permits filed.

Foreclosures were up 2% from last April with 393 recorded for the month. The average amount of a foreclosure was down 7% to $87,780 and the average tax appraisal value of a foreclosed home was down 6% to $119,342.

Foreclosure notices were down 24% from last year with 658 filed compared to 863 in April 2011. Only 5 zip codes saw an increase in foreclosure starts.

Topics of discussion include Shelby County residential and commercial sales, mortgages, foreclosures and new housing inventory.

The event is slated for Thursday from 3 p.m. to 4:30 p.m. at The Great Hall of Germantown’s Media Room, 1900 S. Germantown Road, behind City Hall next to the tennis courts.

The keynote presentation will be from John Gemmill, director of the Memphis field office of the U.S. Department of Housing and Urban Development. Gemmill, who will update the crowd on HUD housing, mortgage activity, foreclosures and rentals, said HUD’s portfolio of foreclosures are drifting downward, a trend he attributes to underwriting standards going up.

“Most foreclosures happen fairly close to the origin of the loan, and the things that we’ve been doing over the last few years are holding up pretty well, so our REO (real estate-owned) portfolio is way down from what it used to be,” Gemmill said. “We used to have more than the banks privately held, and now we’re kind of more of a minor player, which is I guess good news.”

One piece he plans to expand on is the recent $25 billion U.S. Attorney General settlement and how that impacts the state.

“The settlement is a big deal and we hope it might be turning the tide on some of the foreclosure prevention efforts,” Gemmill said. “The state got $141 million that they’re putting into mostly going into the Tennessee HUD agency, a lot of which is going to go to housing counseling and foreclosure prevention.”

Gemmill will also touch on the multifamily situation in HUD’s portfolio, and also with Memphis Mayor A C Wharton Jr.’s efforts around blight reduction.

“We’re looking particularly at the kind of partnerships that exist between multifamily operators – management companies and owners and social service providers,” Gemmill said. “That’s something that we’re kind of ramping up; one of the key goals of HUD is to try to promote efforts that use our multifamily housing as a platform for improving tenant’s quality of life.”

Following Gemmill’s presentation will be a panel discussion with Joe Spake of inCity Realty and David Umsted, vice president of Merchants and Planters Bank Home Loans.

Spake said a hot topic for his business right now is the impact of syndicated websites like Zillow and Trulia on consumer confidence. Pricing on Trulia, for instance, only reflects one tax rather than including both county and city taxes, which can skew out-of-town homebuyers’ perception of pricing.

“The information that the consumer is getting and something that comes out of a computer in Seattle versus something that comes out of an agent in Memphis,” Spake said.

It all goes back to Spake’s mantra that all real estate is micro-local.

“Consult a professional who knows your community,” Spake said. “The people that are on the ground doing it in the community for me are the people with the credibility.”

Trends Spake is seeing right now are that people aren’t moving unless they have to, such as for a job relocation. In short, if sellers have to bring money to the closing table, they’re staying put.

“When the inventory was high, lots of houses were selling, so there’s lots of people that bought into the bubble,” Spake said. “Now, even though they might have a great house, it’s not worth what they paid for it.”

The cost to attend the seminar is $10 for Chandler Reports subscribers and $15 for non-subscribers. Cost includes a copy of the presentation and first quarter market trend reports.

Anyone interested in attending can contact Wendy Greenlaw, Chandler Reports business development manager, at 528-5273 or wendy@chandlerreports.com.

March home sales were up 18% with 1,264 recorded for the month compared to 1,067 in March 2011.

Year to date home sales are up 20% from last year! We ended the quarter with 3,179 sales compared to 2,657 sales in the first quarter of last year.

Total sales revenue in March was up 14% from March 2011 with $147 million total for the month compared to $129 million.

Average home sales prices in March were down by 4% to $116,399 but were up significantly from February’s average price of $97,704.

Many areas in the county are seeing an increase in average sales prices from 2011 including:

Collierville (38017)

Cordova South (38018)

Downtown (38103)

University (38111)

Oakhaven/Parkway Village (38118)

River Oaks (38120)

Bartlett (38133 and 38134)

And several others!

Bank sales accounted for 28% of total home sales in March with 353 recorded, up 10% from 320 last year.

Collierville (38017) had the most homes sales in March and the most revenue with $26.6 million across 94 sales accounting for 21% of the total revenue for the county.

New home sales were down 16% with 56 recorded for the month, up 44% from February. The average price for a new home sale was $273,468 up 16% from March 2011.

Foreclosure activity was up 7% from last year with 398 recorded for the month compared to 373 last March. The average amount of a foreclosure was down slightly by 1% to $85,441 and the average tax appraisal value of a foreclosed home was down 1% to $122,519.

Foreclosure notices were down 33% from last year with 709 filed compared to 1,056. Every zip code but 4 saw a reduction in foreclosure starts.

Join us Thursday, May 3rd for our “Master Your Market” First Quarter Update where we’ll review residential and commercial sales, foreclosures, new housing activity and more! Click here for details and to register.

46% of February home sales were valued under $50,000. The majority of these 472 home sales were bank and investor sales hitting almost every zip code in the county.

The top sellers of these properties were Fannie Mae, Housing and Urban Development, Bank of New York, Federal Home Loan Mortgage Corp and Federal National Mortgage Association.

Some of the top buyers of the homes valued under $50,000 included: Memphis Invest, Direct J Home Solutions, Mid South Homebuyers Inc. and Stable Investments.

Year-to-date foreclosures are up 42% from last year. If we continue to see this level of activity we could hit well over 5,000 foreclosures for the year compared to the 4,000 we had in 2011. Last year had the lowest number of foreclosures that we had seen since 2005 before the subprime mortgage crisis hit in 2006.

Recent policy changes have sped up the foreclosure process and we expect to see banks again moving forward with foreclosure starts and home seizures. The activity that had stalled during the foreclosure moratorium has cleared and the paperwork issues and lawsuits seem to be behind us.

The Federal Government has launched several new programs to assist homeowners with modifying their mortgages and these programs are expected to provide relief to about 10% of the total number of homes in jeapordy of foreclosure.

Pilot programs are running in major cities for investors to purchase foreclosures in bulk from Fannie Mae at a discounted rate with guarantees in place that the investors will hold the properties as rental units for a set number of years.

At the end of 2011 Shelby County had 3,767 homes in foreclosure inventory valued at over $351 million. As foreclosure activity picks back up and banks start selling these properties at steep discounts, home sales prices could continue to remain stagnant or fall below 2011 values.

The average home sales price in February was $97,704. The last time average sales prices were under $100,000 was back in 1995 when sales averaged $97,992.

February home sales were up 36% from the same month last year and even though average home sales prices took a dive, down 17%, to $97,704, the lowest average sales price seen in over a year, there are still many bright spots in our local market.

10 zip codes had increases in their average sales prices including: 38103 (Downtown): Up 60% to $247,339, 38133 (Bartlett/Brunswick): Up 16% to $129,091 and 38120 (River Oaks): Up 14% to $339,706.

Home sales valued between $450,000-$550,000 were up 400% from last February with 8 filed for the month. Half of these sales were in Germantown East (38139).

While overall bank sales were up for the month, causing the spike in sales valued under $50,000 and drastically reducing the average sales prices across the county, 8 zip codes had a reduction in their overall bank sales including: Arlington (38002), Cordova North (38016), Cordova South (38018) and Germanton East (38139).

Foreclosures were up 14% in February compared to last year but 9 zip codes saw decreases in foreclosure activity including: Millington (38053), Quince/Ridgeway (38119), River Oaks (38120) and Bartlett (38134).

As we look forward, we expect residential sales acvitity to continue to see year-over-year improvements and will closely monitor the effect that foreclosures and bank sales are having on the local real estate market.

997 home sales were recorded in Shelby County in February up 36% from February of last year and up 8% from January!

Total sales revenue was up 13% from February 2011 with $97.4 million total compared to $86.5 million last year.

Average home sales prices faltered to $97,704, down 17% from the prior year and down 11% from January.

Bank sales accounted for 31% of total home sales with 312 recorded compared to 228 last year.

Non-bank sales also saw a significant increase, up 35% from February 2011 with 685 total recorded.

While bank sales prices continue to drive down average home sales prices with an average of $61,811 for the month down an alarming 21% from February last year non-bank sales prices also declined significantly to $114,053, down 16% from last year.

Frayser (38127) had the most home sales with 68 total and Collierville (38017) had the most sales revenue with $10.6 million across 40 sales.

New home sales were down 19% with 38 recorded for the month and an average sales price of $219,925.

Foreclosure activity was up 14% with 396 for the month compared to 347 last February. The average amount of foreclosures was up slightly by 1% to $82,965 and the average tax appraisal value of foreclosures was down 1% to $116,330.

Foreclosure notices were down 36% from last February with 635 filed compared to 991 in February 2011. Virtually every zip code in the county saw a decrease in foreclosure notice activity.

January home sales posted an 8 percent increase compared to the same month a year ago as average pricing remained flat, due in large part to the market’s abundance of foreclosures.

Shelby County saw 923 home sales last month, compared to 855 in January 2011 and 880 in December, according to real estate information company Chandler Reports, www.chandlerreports.com.

The majority of the increase in overall sales was due to bank (or foreclosure) sales, which made up 31 percent of total home sales. There were 278 sales recorded in that category during January, compared to 236 a year ago.

Carol Lott, president of the Memphis Area Association of Realtors, expects 2012 to continue to boast higher year-over-year sales totals – whether those sales are at arm’s length or not.

“I believe we will continue to see higher sales totals,” Lott said. “Some of those sales totals will continue to include foreclosures, because in good markets and bad there will always be foreclosures, but you are starting to see several normal sales, too.”

Bank sales continued to create downward pressure on the county’s overall average home sales prices. Bank sales averaged $64,355, compared to a total average home sales price of $109,515. Bank sales prices represented a 6 percent decrease from January 2011 and an 11 percent plunge from December.

But before the county sees any kind of up-trend in pricing, unit sales will pick up, said Joe Spake of InCity Realty.

“We won’t see a boom but a very gradual increase in prices over the next few years, and that will continue to be impacted by the (real estate-owned) market,” Spake said. “I think it will be years before we can honestly say the real estate market is ‘stable.’”

The average price for nonbank (or traditional) sales was $128,855, up 4 percent from January but down 8 percent from December. There were 640 nonbank sales last month, a 3 percent increase from January 2011.

Join us on Thursday, March 15th for the RISE Foundation’s monthly meeting where we will review our detailed foreclosure analysis market trend reports.

Shelby County’s new housing market saw an increase in activity for January. There were 57 new homes sales up 19% from January 2011 and up 4% from December 2011.

Builders filed 49 new home permits up 30% from the 38 filed last January.

Average new home sales prices also saw an increase, up 4% from the prior year and up 10% from December to $240,854.

Gerland Creek in Southeast Shelby County (38125) had the most home sales, three total, averaging $123,090.

Arlington (38002) had the most new home sales with 9 total averaging $253,383. Arlington also had the most new home permits filed for the month with 18 total averaging $191,536 in Maple Grove PD, Olive Grove, Riggins Hills, Evergreen Hills, Grove/Lakeland, Oakwood/Lakeland and Hunters Walk No.

The top builder for January was Regency Home Builders with 7 new home sales averaging $225,489 and 15 new home permits filed.

Find Us On Facebook

About Chandler Reports

Our company, Chandler Reports is the standard for premium real estate information. With over 40 years of experience, we provide the most accurate, comprehensive real estate data for Memphis and Shelby County. Additional services available for DeSoto County and the entire state of Tennessee.